The 6340sq m Lansell Rd, Toorak property combines two houses and a tennis court that’s on the market by expressions of interest with price hopes of $80m to $88m.
Neighbouring Toorak properties being offered for sale in an $80-plus package deal provide a rare big opening in Melbourne’s most expensive suburb.
The Lansell Rd properties have been listed with a price guide from $80m to $88m, offering the opportunity for new owners to raze the homes and create a luxury compound to start afresh in one of the best addresses in Melbourne’s prestige market.
Records show the properties are owned by V-Leader managing director Andy Zhang and Miaomiao Zhang, who paid $17m for the larger 4367sq m property in 2015 and later splashed $22m for the neighbouring 1969sq m property in 2021.
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The property was originally acquired by the vendor with plans to build a dream home. However, having since secured an existing residence that better suited their vision, they are opting to divest the property.
The properties can be purchased individually or as a whole, but presents one of the most significant development opportunities in Toorak in recent years.
Kay & Burton managing director Ross Savas said it’s a rare landholding of exceptional scale and flexibility that’s unencumbered from heritage protections.
According to Landchecker, there are only two other properties of comparable size without heritage overlays in Toorak – at 31 Albany Rd and 29-31 St Georges Rd, which crypto king Ed Craven bought in 2022.
The 6340sq m Lansell Rd, Toorak property combines two houses and a tennis court that’s on the market by expressions of interest with price hopes of $80m to $88m.
“With two separate titles and more than 6340sq m at the pinnacle of Lansell Rd, this double allotment is exceptionally rare,” Mr Savas said.
“It invites a visionary buyer to create one of Toorak’s most significant private estates or explore a landmark residential development, subject to council approval.”
“Opportunities of this rarely exist in today’s market,” Mr Savas said.
“We expect strong interest both locally and internationally from those looking to design a generational single estate of unmatched presence, as well as developers seeking a prestige project in Melbourne’s premier address.”
The landholding provides unrivalled potential for a private estate, luxury compound, two grand homes or luxury multi-residential development.
Ed Craven set the benchmark in the neighbourhood when he snapped up Toorak’s “ghost mansion” in St Georges Rd for just over $80m in 2022.
A render of the Toorak mansion under construction for Ed Craven.
At about 7200sq m, the unfinished mansion was bulldozed and is being replaced with a $150m mega mansion.
Mr Craven’s ghost mansion purchase broke Melbourne’s residential price record in 2022.
But that sum has subsequently been trumped by the more than $100m sale of nearby mansion Coonac, by former Essendon Football Club president Paul Little and his Melbourne University chancellor wife Jane Hansen.
Toorak’s largest active listing in the Myer family’s Cranlana, where the 1.14ha property holds an eight-bedroom circa-1900 mansion with a Heritage Victoria-approved permit for a significant renovation and extension.
Kay & Burton’s Ross Savas, Nick Kenyon and Jamie Mi are managing the expressions of interest campaign, closing on October 25.
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